Algiers – The Minister of Finance, Laziz Faid, reiterated the government’s commitment to supporting the financial market and enhancing its funding mechanisms to improve efficiency and attractiveness. Faid called on stakeholders to intensify efforts to revitalize the financial sector and facilitate access to financing, particularly through the stock exchange, in order to promote investment and economic growth.
The minister’s remarks were delivered during the opening of a workshop focused on the theme: “Dynamism and Strategy for an Effective Algerian Financial Market.” The event, organized by the Committee for the Organization and Supervision of Stock Market Operations (COSOB) and the Algerian Union of Insurance and Reinsurance Companies, was held in collaboration with the Algiers and Tunis stock exchanges. The workshop was attended by several key figures, including Yacine Walid, Minister of Knowledge Economy, Start-ups, and Micro-Enterprises; Ali Kadri, President of the Association of Banks and Financial Institutions; and CEOs of banks and insurance companies.
Financial Market Reform: A Government Priority
Minister Faid emphasized the government’s full commitment to transforming the financial market, highlighting that diversifying the national economy and revitalizing the financial market are closely interconnected. He stressed the need for strong cooperation among all stakeholders and assured that the financial sector will continue implementing necessary reforms to facilitate access to funding, promote investments, and effectively support business growth.
The minister acknowledged that the current contribution of the financial market to the national economy remains limited and that the Algiers Stock Exchange has not yet realized its full potential. He urged both public and private actors to redouble their efforts to make the financial sector more attractive to investors.
Encouraging Public and Private Companies to Enter the Stock Market
Faid called on public and private companies to consider listing on the stock exchange and to use the financial market as an alternative financing tool. He noted that participation in the market would enhance corporate governance and improve competitiveness.
During his address, the finance minister outlined a strategic framework to increase financial market dynamism, which includes several key components:
- Regulatory and institutional reforms to establish a stable legal framework aligned with international standards, ensuring transparency and investor protection.
- Encouraging financial innovation by embracing global trends such as green finance, Islamic finance, and other advanced financial products, to offer diverse funding options that meet the needs of businesses.
Promoting Financial Education and Start-Up Financing
Another pillar of the strategy involves promoting financial literacy among economic actors to familiarize them with market tools and encourage their participation. Faid also stressed the importance of developing financing mechanisms for small and medium-sized enterprises (SMEs) and start-ups, announcing the creation of a dedicated section within the Algiers Stock Exchange to facilitate their access to capital.
Key Insights from COSOB and Insurance Sector Leaders
In his remarks, Youssef Bouznada, President of COSOB, emphasized that the workshop aligns with the rapid developments in Algeria’s financial market and reflects the Ministry of Finance’s directives to enhance the capabilities of market professionals to keep pace with the sector’s evolution.
Similarly, Youssef Ben Messia, President of the Algerian Union of Insurance and Reinsurance Companies, described the forum as a significant event, marking a new chapter in the financial market’s development. He emphasized the importance of brokers in regulating securities trading operations and expressed hope that the strategies discussed during the workshop would help boost the financial market’s appeal.
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Author: nor-eleslam
Laziz Faid, Algerian financial market, economic growth, stock exchange reform, financial innovation, investment strategies, SMEs financing, COSOB
